Agriculture
Money managers and hedge funds cut their long position in sugar by 16,377 contracts for the period to a total of 115,014 contracts. Arabica and robusta coffee futures on ICE were higher on Friday, buoyed partly by a broad-based rebound in financial markets, while raw sugar prices also rose. MARKET NEWS U.S. soybean futures fell to touch a 10-day low as a stronger U.S. dollar dented export prospects. Raw sugar futures touched a three-month low on Thursday hit by longs liquidation.
Currencies
Smaller losses were recorded by the Australian dollar (-1.24%), the Swiss franc (-1.14%), the euro (-0.91%), the Japanese yen (-0.75%), the Canadian dollar (-0.54%), and the British pound (-0.56%). less Gold prices fell on Monday as the improving global economic outlook boosted the U.S. dollar, Treasury yields and the global equities markets. The stronger greenback made the dollar more expensive for investors using rival currencies, and the higher yields raised the opportunity cost of holding the non-yielding bullion.
The dollar held steady, while the prospect of tougher coronavirus curbs in France and Germany weighed on the euro. “We expect the currency will be averaging anywhere between 74.50-75 a dollar in the first half FY21-22 amid ongoing global risk-off sentiment,” Iyer said. Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. He added that the rupee is up by 4 per cent against the US dollar for FY21 despite having much higher interest rates and inflation than the US.
London copper prices fell as a stronger dollar made greenback-priced metals more expensive to holders of other currencies. It advanced $2.62 in the previous session to $64.57.The dollar declined to 109.49 yen from Friday’s 109.69 yen. less Major currencies closed lower against the US dollar at the end of last week.
The dollar held steady, while the prospect of tougher coronavirus curbs in France and Germany weighed on the euro. “We expect the currency will be averaging anywhere between 74.50-75 a dollar in the first half FY21-22 amid ongoing global risk-off sentiment,” Iyer said. Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. He added that the rupee is up by 4 per cent against the US dollar for FY21 despite having much higher interest rates and inflation than the US.
London copper prices fell as a stronger dollar made greenback-priced metals more expensive to holders of other currencies. It advanced $2.62 in the previous session to $64.57.The dollar declined to 109.49 yen from Friday’s 109.69 yen. less Major currencies closed lower against the US dollar at the end of last week.
Metals
CMC Markets chief market strategist Michael McCarthy said the Treasury yields are a big threat to gold prices in the near term. Silver may benefit from the announcement, with many looking at the precious metal – which also has applications in industry – to be an inflation hedge. less Silver investors may get a big driver this week in the form of US President Biden’s infrastructure-focused stimulus announcement. He is an analyst at www.thegoldanalyst.com which is a website aimed at offering quality analysis of gold prices.
Overall, the pickup in inflation expectations may bode well for silver prices. Spot gold is currently trading at $1,725.51 per ounce as of 0829 GMT. However, market-based inflation expectations implied in breakeven rates have continued to move higher even as silver veered off downward recently. Given these points, silver investors will want to watch the Biden administration closely this week, particularly Wednesday’s announcement from the President himself.
S&P 500 futures dropped, the 10-year Treasury yield was at 1.657%, oil was lower and gold fell. Gold prices were lower.
Overall, the pickup in inflation expectations may bode well for silver prices. Spot gold is currently trading at $1,725.51 per ounce as of 0829 GMT. However, market-based inflation expectations implied in breakeven rates have continued to move higher even as silver veered off downward recently. Given these points, silver investors will want to watch the Biden administration closely this week, particularly Wednesday’s announcement from the President himself.
S&P 500 futures dropped, the 10-year Treasury yield was at 1.657%, oil was lower and gold fell. Gold prices were lower.
Oil
Sinopec, Asia’s largest oil refiner and China’s second-largest oil and gas producer, plans to increase capital expenditure to 167.2 billion yuan ($25.55 billion), up from 135.1 billion in 2020. Saudi seaborne crude exports for last week were seen at 31.6 million bbl (4.5 million bpd) compared to the revised 45.1 million bbl (6.4 million bpd) the week prior. China implemented new standards starting March 1 that allowed unrestricted imports of premium palm oil from Malaysia, the Malaysian Palm Oil Board (MPOB) said in a statement.
Brent crude, the basis for international oil prices, retreated 96 cents to $63.47 per barrel in London. The data exclude trader positions in the NYMEX financial crude oil futures contract, which is normally included in our aggregate calculations. Malaysian palm oil futures fell for a fourth straight session, tracking weakness in rival oils in the United States and China, although production concerns lent some support. Abu Dhabi plans to relinquish control over prices of Murban to investors and traders, a major step in efforts to fortify its position in the international oil market.
However, strengthening of oil prices which could see twin deficits in the form of current account and fiscal account will weigh on the currency.
Oil rose on expectations that the OPEC+ group of leading producers will keep output unchanged in May and fears of a long disruption at Suez Canal. Refinitiv Oil and Shipping research has published a detailed report on the blockage and is accessible here (link to be pasted on Eikon search).
Brent crude, the basis for international oil prices, retreated 96 cents to $63.47 per barrel in London. The data exclude trader positions in the NYMEX financial crude oil futures contract, which is normally included in our aggregate calculations. Malaysian palm oil futures fell for a fourth straight session, tracking weakness in rival oils in the United States and China, although production concerns lent some support. Abu Dhabi plans to relinquish control over prices of Murban to investors and traders, a major step in efforts to fortify its position in the international oil market.
However, strengthening of oil prices which could see twin deficits in the form of current account and fiscal account will weigh on the currency.
Oil rose on expectations that the OPEC+ group of leading producers will keep output unchanged in May and fears of a long disruption at Suez Canal. Refinitiv Oil and Shipping research has published a detailed report on the blockage and is accessible here (link to be pasted on Eikon search).
United States
Hot technology firms and blank-check merger companies have tumbled from their highs, pushing the Nasdaq Composite Index down 8% from its latest record close last month. If the US 10-year bond yield goes above 2 per cent, that can cause a sharp global stock market correction. It’s problematic for the broad market since these big and high-profile NASDAQ names (mostly) set the tone – and pace – for the market itself. BEFORE THE BELL Wall Street futures slipped, as major lenders came under pressure on concerns over the possible spillover effects of a hedge fund’s default on margin calls.
The NASDAQ’s continued progress from that point forward was driven entirely by small and mid caps, and the less-big large caps that aren’t FANG stocks. Trump s planned social-media platform should debut within four months, the former president s one-time campaign manager and senior adviser said. On the road ahead, Vijayakumar noted that markets are likely to remain buoyant since the US Federal Reserve is committed to keep interest rates near zero through 2023.
Since leaving Wall Street I’ve dedicated my financial career towards studying this situation and helping people understand what’s actually happening. The tech-heavy Nasdaq, however, has dipped 0.4% this month as some investors jumped high-flying technology names amid rising yields. He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post.
The NASDAQ’s continued progress from that point forward was driven entirely by small and mid caps, and the less-big large caps that aren’t FANG stocks. Trump s planned social-media platform should debut within four months, the former president s one-time campaign manager and senior adviser said. On the road ahead, Vijayakumar noted that markets are likely to remain buoyant since the US Federal Reserve is committed to keep interest rates near zero through 2023.
Since leaving Wall Street I’ve dedicated my financial career towards studying this situation and helping people understand what’s actually happening. The tech-heavy Nasdaq, however, has dipped 0.4% this month as some investors jumped high-flying technology names amid rising yields. He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post.
China
But Beijing’s ambitions will ultimately depend on the country’s vibrant private sector, too. WSJ explains how Beijing is pouring money into high-tech chips as it wants to become self-sufficient.
Europe
The UK government says that the program is still on target despite the recent supply problems and the ongoing vaccination nationalism spat with the European Union. Those successes include Macron having persuaded fiscally conservative Germany to take on eurozone debt together, as lockdowns imposed to curb the pandemic choked off economies across the EU. Step by step | Britain and the European Union took their first step since Brexit to cooperate on financial services, agreeing on a new forum to discuss market regulation.
Late last week, the EU’s leaders authorized Brussels to impose export bans on vaccines but seem hesitant to use them. A year from now voters will cast their verdict on Macron s performance amid mounting evidence his self-confidence is a turn-off. A recent Ifop poll showed Macron’s popularity at 37%, higher than his most recent predecessors, Socialist Francois Hollande and right-wing Nicolas Sarkozy, at the same point in their terms.
It s a blunt political instrument, and one rarely used.It s a sign of her exasperation that Merkel s even considering it. Flavia Krause-Jackson Merkel speaking in the Bundestag last week on the Covid-19 pandemic. The issues of Europe’s largest countries come as the EU is struggling to ramp up its vaccination campaign. In Germany, Chancellor Angela Merkel has threatened to exert federal authority over regions on Covid restrictions as cases mount.
0 Late last week, the EU’s leaders authorized Brussels to impose export bans on vaccines but seem hesitant to use them. A year from now voters will cast their verdict on Macron s performance amid mounting evidence his self-confidence is a turn-off. A recent Ifop poll showed Macron’s popularity at 37%, higher than his most recent predecessors, Socialist Francois Hollande and right-wing Nicolas Sarkozy, at the same point in their terms.
It s a blunt political instrument, and one rarely used.It s a sign of her exasperation that Merkel s even considering it. Flavia Krause-Jackson Merkel speaking in the Bundestag last week on the Covid-19 pandemic. The issues of Europe’s largest countries come as the EU is struggling to ramp up its vaccination campaign. In Germany, Chancellor Angela Merkel has threatened to exert federal authority over regions on Covid restrictions as cases mount.
